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Thread: Forex news from InstaForex

  1. #161
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    Euro Rises After Greek Parliament Approves New Bailout Deal

    The euro advanced against its most major counterparts in early Asian deals on Wednesday after Greek Prime Minister Lucas Papademos won parliamentary approval for a new international bailout.
    Reports suggested that Greek Prime Minister Lucas Papademos won approval for a new 130 billion-euro ($172 billion) aid package that will keep the country's possible financial collapse at bay. A total of 213 lawmakers voted today in favor of the legislation and 79 against, reports quoted Acting Parliament Speaker Grigoris Niotis was saying in remarks carried live on state-run Vouli TV.
    The euro strengthened to an 8-day high of 0.8362 against the pound and a 12-day high of 1.3270 against the dollar, compared to Tuesday's New York session close of 0.8339 and 1.3223, respectively. The next upside target level for the euro is seen at 0.840 against the pound and 1.330 against the dollar.
    Against the yen, the euro climbed to near a 5-month high of 111.01 and if the euro gains further, it may likely target the 111.6 level. At Tuesday's New York session close, the euro-yen pair was quoted at 110.70.
    Looking ahead, Japan's all industry activity index for January is due at 12:30 am ET.
    Swiss M3 money supply and the U.K. public finance data - both for February and the Bank of England's March meeting minutes are scheduled for release in the European session.
    U.K. Chancellor George Osborne will present his Budget to Parliament at 8:30 am ET.
    Canada's leading indicators and the U.S. existing home sales - both for February are expected in the New York morning session.

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    European Economics Preview: French Business Sentiment Due

    Business confidence survey data from France and mortgage approvals from the U.K. are the important reports due on Friday, headlining a light day for the European economic news.
    At 3.45 am ET, the French statistical office Insee is scheduled to release business sentiment survey results for March. Business confidence is expected to rise to 93 from 92 a month ago.
    Spain's statistical office INE is slated to publish producer price data at 4.00 am ET. Economists forecast producer prices to rise 3.4 percent year-on-year, following January's 3.6 percent increase.
    At 5.00 am ET, Italy's retail sales figures are due. Retail sales are expected to fall 0.1 percent on a monthly basis in January after easing 1.1 percent in December. Annually, the decline is seen at 3.4 percent.
    Also, the KOF Swiss Economic Institute is scheduled to issue March Economic Forecast. In the meantime, Iceland's wage cost index for February is due.
    Turkey's foreign tourist arrival figures for February are also due at 5.00 am ET. Tourist arrivals increased 0.6 percent year-on-year in January.
    British Bankers' Association is set to publish February mortgage approvals for February. The number of mortgages approved in February is seen at 37,250 compared to 38,092 a month ago.

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    European Economics Preview: German Ifo Business Confidence Data Due

    Business confidence from Germany is the major report due on Monday. Also, Germany plans to raise as much as EUR 3 billion from the short-term debt auction.
    The Czech Statistical Office is slated to publish business sentiment survey results at 3.00 am ET. In the meantime, Hungary's retail sales figures are due. Economists expect sales to grow 0.1 percent annually in January after rising 1.5 percent in December.
    Half an hour later, Dutch producer confidence data for March is due. The index dropped to -1.5 in February from -1.4 in January.
    At 4.00 am ET, consumer confidence from Italy and retail sales and unemployment from Poland are due. Economists expect retail sales growth to ease to 9.9 percent in February from 14.3 percent in January. At the same time, the jobless rate is forecast to rise to 13.5 percent from 13.2 percent.
    At 5.00 am ET, German Ifo business sentiment is due. Business confidence is forecast to fall slightly to 109.5 in March from 109.6 in February. At the same time, the expectations index is seen improving to 102.7 from 102.3 a month ago.
    The German government plans to raise a maximum of EUR 3 billion from the issue of Treasury discount paper or 'Bubills' with a maturity of 12 months. The results of the auction are due at 6.30 am ET.

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    European Economics Preview: German GfK Consumer Sentiment Data Due

    Consumer confidence survey results from Germany and Distributive Trades data from the U.K. are the major reports due on Tuesday.
    At 2.00 am ET, German GfK consumer confidence data is due. The consumer sentiment is expected to remain unchanged at 6 points in April.
    In the meantime, the Federal Statistical Office is set to publish German import prices. Economists forecast import price annual inflation to fall to 3.5 percent in February from 3.7 percent in January.
    The French statistical office Insee is slated to release consumer confidence survey data at 2.45 am ET. The sentiment index is forecast to remain unchanged at 82 in March.
    At 3.30 am ET, Statistics Netherlands is scheduled to issue final GDP figures for the fourth quarter. Also, Sweden's February producer prices and trade balance figures are due.
    Spain's short-term bill auction results are due at 5.30 am ET. The government aims to raise a maximum of EUR 1.75 billion from 3-month T-bill auction and EUR 1.25 billion from 6-month T-bill issue.
    At 6.00 am ET, the Confederation of British Industry is scheduled to release results of Distributive Trades survey. The retail sales balance is seen falling to -5 in March from -2 in February.

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    Moody's Affirms Germany's AAA Rating; Outlook Stable

    Moody's Investors Service on Tuesday affirmed the AAA rating on German government bonds and said rating outlook remained 'stable' due to "very low event risk" despite the prolonged debt crisis.
    "Germany's Aaa government bond rating and stable outlook continue to be underpinned by the country's advanced and diversified economy, a strong tradition of stability-oriented macroeconomic policies and the economy's deep integration into global trade and capital markets, Moody's said in its annual credit report.
    Also, the agency was of the view that the country's economic, financial and political characteristics indicated "very low event risk" despite ongoing economic and financial uncertainties in the euro area.
    "High productivity growth and strong world demand for German products have allowed the country to build a broad economic foundation with ample flexibility, generating high income levels," the report said.
    Moody's said it determines a country's sovereign rating by assessing four key factors such as economic strength, institutional strength, government financial strength and susceptibility to event risk as well as the interplay between them. Germany continues to consistently achieve the highest scores for all four factors, according to the rating agency.
    However, bank-rescue operations by the government and an only moderate economic recovery are likely to continue to weigh on the country's public finances over the near to medium term, it cautioned.
    Nevertheless, the implementation of restrictive fiscal policies to rein in public debt and promote a robust economic recovery has helped to put the country on track to achieve a nearly balanced budget in 2012, according to Moody's.

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    Japan Retail Sales Growth Tops Expectations

    Retail sales in Japan increased more than expected in February, helped by strong demand for motor vehicles and fuel, data from the Ministry of Economy, Trade and Industry showed Thursday.
    Retail sales climbed 3.5 percent year-on-year in February, faster than the 1.8 percent increase in January and 1.4 percent growth expected by economists. A government subsidy for fuel-efficient cars is helping to boost domestic demand for vehicles.
    Motor vehicle sales jumped 21.4 percent following a 24.1 percent rise in January. Fuel sales at retail outlets climbed 4.8 percent, reversing a 0.8 percent drop in the preceding month. Sales of food and beverages rose 2.5 percent, faster than 0.6 percent rise recorded a month earlier.
    Meanwhile, retail trade in general merchandise and machinery and equipment suffered annual decreases of 0.2 percent and 15.9 percent respectively.
    On a month-on-month seasonally adjusted basis, total retail sales rose 2 percent in February. That again beat forecasts for a flat reading.
    Sales by large-scale retailers saw an increase of 0.2 percent year-on-year against expectations for a 0.3 percent contraction. Commercial sales fell 0.1 percent annually, while wholesale sales slipped 1.3 percent.
    During a speech in Tokyo on Wednesday, Bank of Japan board member Ryuzo Miyao said the recent pullback in yen and rise in share prices might have helped improve Japan's consumer confidence.
    Japan's economy contracted 0.7 percent annually in the fourth quarter. To support economic activity, the Bank of Japan expanded the size of its asset purchase by JPY 10 trillion to JPY 30 trillion in February. Also, during the March meeting, the central bank decided to expand its loan scheme aimed at supporting economic growth by JPY 2 trillion.

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    Australian Home Sales Rebound In February: HIA

    Australia's new home sales increased in February, recovering from the previous month's decline, data released by Housing Industry Association (HIA) showed Friday.
    The volume of new home sales increased a seasonally adjusted 3 percent on a monthly basis in February, recovering from January's decline.
    Detached house sales rose 2.2 percent during the month. The number of new detached house sales increased12.8 percent month-on-month in Western Australia, 5.3 percent in New South Wales, 3.5 percent in Queensland, and 0.3 percent in South Australia. At the same time, sales of multi-units climbed 10.5 percent in February.
    "In a contemporary economic environment where interest rate settings are too high, finance conditions persistently tight, consumer and business confidence too low, and plans to tighten fiscal policy inappropriate, it is hard to envisage a sustained recovery in new home sales in coming months,"HIA chief economist Harley Dale said.

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    Moody's Lifts S. Korea's Rating Outlook

    Moody's Investors Service on Monday lifted the outlook on the Republic of Korea's rating, citing strong fiscal fundamentals and resilience in external financing position.
    The outlook on 'A1' government bond rating was revised to 'positive' from 'stable'. The agency said reduction in the banking sector's level of external vulnerability and the outlook for relatively strong trend GDP growth over the medium term also underpinned the upgrade.
    Nonetheless, rising household debt is a concern. If unchecked, this trend could impair bank asset quality and introduce a drag on private consumption expenditure as an important source of GDP growth, the agency assessed.
    Moody's last rating action on the Government of Korea was on April 14, 2010, when its government bond ratings were raised to 'A1' from 'A2'.

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    Full Text of Rba Statement After Leaving Rates unchanged at 4.25 Pct

    Full Text of RBA Statement after leaving rates unchanged at 4.25 pct
    Recent information is consistent with the expectation that the world economy will grow at a below-trend pace this year, but does not suggest that a deep downturn is occurring. Several countries in Europe will record very weak outcomes, but the US economy is continuing a moderate expansion. Growth in China has moderated, as was intended, and is likely to remain at a more measured and sustainable pace in the future. Conditions around other parts of Asia softened in 2011, partly due to natural disasters, but are not showing signs of further deterioration. Some moderation in inflation has allowed policymakers in the region to ease monetary policies somewhat. Commodity prices declined for a few months last year and are noticeably off their peaks, but have been relatively stable for a while now, at quite high levels. Australia's terms of trade have peaked, though they remain high.
    Financial market sentiment has generally continued to improve in recent weeks and capital markets are supplying funding to corporations and well-rated banks.
    At the margin, wholesale funding costs are tending to decline, though they remain higher, relative to benchmark rates, than in mid 2011. But the task of putting European banks and sovereigns onto a sound footing for the longer term remains large and Europe will remain a potential source of adverse shocks for In underlying terms, inflation was around 2 per cent in 2011. CPI inflation was higher than that but will fall over the next quarter or two. It is currently expected that inflation will be in the 2-3 per cent range over the coming one to two years. This forecast abstracts from the effects of the carbon price and also embodies an assumption that productivity growth in the economy increases somewhat as a result of the structural change now occurring. At its next meeting, the Board will have the opportunity to reassess the outlook for inflation, taking into account not only data on demand and output but also forthcoming information on prices.
    The Board eased monetary policy late in 2011. Since then, its judgement has been that, with growth expected to be close to trend, inflation close to target and lending rates close to average, the setting of monetary policy was appropriate.
    *The Board's view was also that, were demand conditions to weaken materially, the inflation outlook would provide scope for easier monetary policy. At today's meeting, the Board judged the pace of output growth to be somewhat lower than earlier estimated, but also thought it prudent to see forthcoming key data on prices to reassess its outlook for inflation, before considering a further step to ease monetary policy.

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    Dollar Extends Rally Against Most Majors

    The U.S. dollar has been extending its New York session's rally against most major currencies in early Asian trading on Wednesday as the minutes of the Federal Reserve's latest monetary policy meeting indicated that the members were less willing to initiate another round of quantitative easing amid signs of improvement of the U.S. economy.
    The latest FOMC meeting minutes said only "a couple of members" indicated that additional stimulus could become necessary, compared to the minutes of the January meeting, which said "a few members" believed that conditions could warrant additional securities purchases.
    Disappointing trade data from Australia released in the session also prompted traders to bet on safe haven dollar.
    Australia's trade deficit fell to A$480 million from A$971 million in January, data from the Australian Bureau of Statistics showed. Economists had expected the balance to be in a surplus of A$1.1 billion.
    Exports fell 2 percent month-on-month in February. Imports were 4 percent lower than a month earlier.
    The dollar rose to near a 2-week high of 1.3185 against the euro and a 6-day high of 1.5875 against the pound, compared to yesterday's close of 1.3231 and 1.5914, respectively. The next upside target level for the dollar is seen at 1.315 against the euro and 1.585 against the pound.
    The dollar that closed yesterday's New York session at 0.9103 against the Swiss franc climbed to a 9-day high of 0.9136. On the upside, 0.920 is seen as the next target level for the dollar.
    Against the Canadian dollar, the US dollar strengthened to a 2-day high of 0.9932. If the greenback gains further, it will reach parity with the loonie. At yesterday's close, the greenback-loonie pair was quoted at 0.9911.
    The U.S. dollar advanced to a fresh 2- 1/2 -month high of 1.0265 against the Australian dollar and the next upside target level for the greenback is seen at 1.020. The pair ended yesterday's trading at 1.0332.
    The U.S. dollar edged up to a 6-day high of 0.8157 against the New Zealand dollar, compared to 0.8191 hit late New York Tuesday. On the upside, 0.814 is seen as the next target level for the U.S. currency.
    But the dollar pulled back slightly from its late New York session high of 83.0 against the yen. At present, the dollar-yen pair is worth 82.67, compared to yesterday's closing value of 82.87.
    The final services PMI report for March from major European economies, Eurozone retail sales and German factory orders - both for February are expected in the European session.
    At 7:45 am ET, the European Central Bank is due to announce its interest rate decision. The central bank is widely expected to keep rates on hold at 1 percent.
    The U.S. ADP National employment report and the ISM non-manufacturing index - both for March are scheduled for release in the New York morning session.

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